A new definition for a stablecoin in the U.K., a new court case against Do Kwon — the regulation moves on!
by the end of the year during his time as the head of the treasury. However, the industry still faces pressure from local banks, which try to block businesses and individuals from investing in cryptocurrency.
According to the regulator, crypto service providers should also not be allowed to accept any deposits made using credit cards in exchange for crypto services. According to the authority, “Any form of credit or leverage in the trading of DPTs” would result in the “magnification of losses,” potentially leading to bigger losses than a customer’s investment.The Swiss city of Lugano and the country El Salvador have signed an economic cooperation agreement based on crypto and blockchain.
“[El Salvador and Lugano are] going to start working together and collaborating on joint initiatives. I think that’s the way we push each other forward — basically create alliances between places that have adopted Bitcoin.”Do Kwon, the co-founder of Terraform Labs — who may be facing legal actions in South Korea and the United States — is the target of a lawsuit in Singapore along with the Luna Foundation Guard and Terra founding member Nicholas Platias.
In a lawsuit filed in Singapore’s high court, 359 individuals allege Kwon, Platias, the LFG and Terra made fraudulent claims, including that Terra’s stablecoin, TerraUSD — now TerraUSD Classic — was not “stable by design” and unable to maintain its U.S. dollar peg. The claimants are seeking compensation for roughly $57 million worth of “loss and damage” combined based on the value of UST tokens they purchased and held or sold amid the market downturn in May.
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